Fair College Admissions for Students Act This bill prohibits an institution of higher education (IHE) that participates in federal student-aid programs from giving preferential treatment in the admissions process to applicants based on their relationships to donors or alumni of the IHE. The Department of Education may waive the prohibition against preferential treatment based on relationships to alumni for certain IHEs (e.g., historically Black colleges and universities or other minority-serving institutions) that demonstrate that the use of such preferential treatment is in the best interest of students who have been historically underrepresented in higher education.